650 fico bankruptcy with a house
I filed bankruptcy and included a home 4 years ago. Since then the bank never took possession of the house 2 years ago the bank signed the house back to me free and clear. It's now a rental as we bought a home 1.5 years ago My question is I don't have a note on the house but I would like to take a loan out on it to pay off debt and 2 state tax Liens from Ohio and possibly start a business is this possible
Kimberly Lawson (kilawson)
#54 ranked lender in Ohio - 150 contributions
You'd be looking to apply for a conventional loan and the waiting period for anything other than extenuating circumstances is 4 yrs. However, being you're looking for a cash out transaction on an investment property, you'd be required to wait a full 7 years. If I can answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
More info would be needed, but in general, Conventional will make you wait 7 years for a cash out refinance on an INVESTMENT property.. FHA would allow for a cash out refinance in 2 to 3 years, but only on a primary residence. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
COnfirming what others have said, if you want to borrow against that property you'll likely have to wait or use some type of non-traditional financing, or possibly a portfolio loan from a local bank.
Ask our community a question.
Get an answer
Related Questions
